Polenergia had a net profit of PLN 109.63 million, a net profit of PLN 178.88 million. EBITDA in Q1 2022

Polenergia recorded PLN 109.63 million of consolidated net profit attributed to shareholders of the parent company in the first quarter of 2022 against PLN 34.24 million of profit a year earlier, the company stated in the report.

The adjusted net profit attributed to shareholders of the parent company amounted to PLN 115.54 million compared to PLN 34.26 million the year before.

The adjusted EBITDA amounted to PLN 178.88 million versus PLN 75.68 million profit the year before.

Consolidated sales revenue reached PLN 2,475,54 million in Q1 2022 versus PLN 636.92 million in the previous year.

"The revenues of Polenergia from January to March of this year amounted to PLN 2,476 million and were higher than last year by PLN 1,839 million, mainly due to higher revenues in the turnover and sales segment by PLN 1,792 million and land wind farms by PLN 39 million. The group's adjusted EBITDA margin excluding trading activities (the segment is characterised by a relatively low unit margin with a very high volume of transactions) increased in the first quarter of 2022 by 9.8 percentage points to 57.1%" – the release states.

The company emphasized that the beginning of this year was a sign of very good windiness. On February 21, the group's wind segment reached 250 MW, which accounted for nearly 89% of the total power of the Polnergia wind farms. Net production of green energy from land wind farms in the first quarter of that year reached a record level of 268.5 GWh. Compared to the first quarter of last year, this represents an increase of up to 55% The average productivity of the whole sector in Poland in the first quarter of 2022 was 41.7%, while Polenergia achieved a score of 43.3%.

‘In view of the ongoing armed conflict in Ukraine, events and risk factors which may affect Polanergy’s activities and financial results are monitored and identified on an ongoing basis. In the opinion of the board of directors, the group is not directly exposed to the negative consequences of the conflict due to the marginal involvement of the group's companies in activities in Russia, Belarus and Ukraine and to cooperation with partners established in these countries" - we read further.

The net profit in Q1 2022 was PLN 38.74 million compared to PLN 19.29 million in profit the year before.

Source: ISBnews